THE FUNCTION OF THE INTERNATIONAL ORGANIZATIONS IN THE FRAMEWORK OF LEGAL FINANCIAL RELATIONS
Abstract
With the advent of globalization, the relevance of states in the formulation of international relations regarding finances has augmented. The main aim is understanding the roles of international organizations within the context of legal regulation of finances. In an era of globalization, maintaining financial security, ensuring transparency, and proper oversight has become extremely important. International organizations such as the International Monetary Fund (IMF) and the World Bank, the Organisation for Economic Co-operation and Development (OECD), and the Bank for International Settlements (BIS) have important responsibilities in the development of financial laws and maintenance of economic security. These institutions provide funds, set up rules, and enable international cooperation to make sure that a country’s financial system is protected during to economic downturns. The study uses such research methods as combination of normative-legal analysis, comparative legal analysis, and a systemic approach to assess the performance of these international organizations in the area of legal financial governance. The results show that there is significant contribution of international organizations towards financial stabilization; however, issues of regulatory imbalance, economic independence, and enforcement of compliance are clear problems. It is noted that many countries especially developing economies find it difficult to bring their national laws to compatibility with the international legal regime. Conclusions in this research are described in the articles elucidate that promoting cooperation in relation to financial international institutions and national regulatory authorities is a prerequisite to achieve efficient and equitable global finance. Moreover, progress in the relations of transparency, accountability, and law alignment within global financial systems would strengthen and make financial management more sustainable. It can be concluded that the activity of international organizations with regard to financial law is central for achieving world economic order and balanced financial progress.
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